14th Jan 2010 07:00
14 January 2010
The Vitec Group plc
2009 Post Close Trading Statement
Vitec, the international provider of products and services for the broadcast, photographic, MAG (Military, Aerospace and Government) and entertainment industries, announces the following trading statement for the year ended 31 December 2009.
Profits for the year to 31 December 2009 are anticipated to be marginally ahead of current market expectations, despite continued challenging market conditions. The previously announced cost reduction programme has been implemented and is on track to deliver the expected annualised benefits of £22m at a cost of £11m.
The Group has strengthened its focus on cash management during the year, with the result that the net debt for the year is anticipated to be better than our expectations at around £42m (net debt at 30 June 2009 was £52.6m). The Group has a committed multi-currency loan facility of £125m, which expires in August 2013, of which around £53m was drawn at 31 December 2009.
Although market conditions continue to be uncertain, the Board's expectation of trading performance for 2010 is unchanged. The Group is well placed to implement its recently announced strategy, with a strong balance sheet and the full benefits of a rationalised cost structure.
Our preliminary results announcement will be on 2 March 2010.
ENDS
Enquiries:
The Vitec Group plc
Stephen Bird, Chief Executive Telephone: 020 8939 4650
Richard Cotton, Group Finance Director
Financial Dynamics
Susanne Yule / Sophie Kernon Telephone: 020 7269 7121
Notes
This statement is based on information sourced from management estimates.
2. Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward- looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect Vitec's current expectations concerning future events and actual results may differ materially from current expectations or historical results.
Vitec is an international Group, providing products and services to the broadcast, photographic, MAG and entertainment industries. Vitec is based on strong, well known, premium brands that professionals and keen amateurs rely on. Vitec is organised in three divisions: Videocom, Imaging & Staging and Services.
Videocom designs and distributes systems and products used in broadcasting and live entertainment, for studio and outside broadcasts, film production and government.
Imaging and Staging designs, manufactures and distributes equipment and accessories for professionals and keen amateurs in photography, video and events.
Services provides equipment rental and technical support for camera, video, audio and wireless communication technology used by TV production teams and film crews.
More information can be found at: www.vitecgroup.com.
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